The future growth prospects for the drink cans market appear robust, driven by several key factors shaping consumer preferences and industry dynamics. With an estimated valuation of US$ 56,891.1 million in 2023, the market is poised for substantial expansion at a projected CAGR of 7.7% during the forecast period, culminating in a valuation of US$ 119,208.6 million by 2033.
The burgeoning consumption of beverages across various segments, including soft drinks, alcoholic beverages, and energy drinks, continues to fuel demand for drink cans. As modern consumers prioritize convenience and portability, drink cans emerge as a favored packaging format, complemented by their recyclability and sustainability, which resonate with environmentally conscious consumers.
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Moreover, ongoing innovation and technological advancements in the drink cans industry, including lightweight designs, shatterproof materials, and customizable printing options, are anticipated to further drive market growth by attracting new customers and expanding market opportunities for manufacturers. As consumers increasingly seek convenient and eco-friendly packaging solutions, the drink cans market stands poised to capitalize on evolving trends and preferences in the global beverage landscape.
Innovation in the Drink Can Industry:
- Smart Packaging Technology: Integration of smart features into drink cans, such as QR codes, NFC technology, or augmented reality, to enhance consumer engagement, provide product information, or enable interactive marketing campaigns.
- Sustainable Materials and Designs: Innovations in eco-friendly materials for drink cans, including recycled aluminum and alternative packaging materials, to address environmental concerns and meet the growing demand for sustainable packaging.
- Temperature-Sensitive Inks: Development of temperature-sensitive inks on drink cans that change color with temperature variations, providing a visual indication of the beverage’s ideal serving temperature.
- Slim Can Designs: Introduction of slim can designs to cater to consumer preferences for portion control, reduced packaging, and a more convenient grip, particularly in the context of energy drinks and other non-alcoholic beverages.
- Resealable Can Technology: Implementation of resealable lids or closures for drink cans, allowing consumers to reseal the can for later consumption, promoting convenience and reducing beverage waste.
- Innovative Opening Mechanisms: Introduction of new opening mechanisms or features, such as easy-to-open tabs, slide-open tops, or other creative solutions, to enhance the user experience and differentiate products in the market.
- Functional Packaging: Incorporation of additional functionalities into drink cans, such as built-in straws, mixing devices, or compartmentalized sections, to offer added value and versatility to consumers.
- Collaborative Branding: Collaborative efforts between beverage brands and artists or designers to create limited-edition or artistically designed cans, appealing to consumers through unique and collectible packaging.
Moreover, the market gains traction from the escalating emphasis on sustainability, driven by rising environmental awareness and the need to minimize plastic waste. Drink cans are emerging as a preferred, recyclable packaging choice, aligning with eco-conscious consumer preferences.
Key Takeaways
- The global drink cans market is set to reach US$ 56,891.1 million in 2023.
- The United States market for drink cans reached US$ 8,496.6 million in 2022.
- Currently, the United States holds around 7% share of the global market.
- High consumption of alcoholic beverages and rising demand for safe packaging will boost the USA market
“Rising demand for durable and safe packaging solutions will boost drink can sales in the USA. Besides this, implementation of stringent food safety regulations will bode well for the market.” says an FMI Analyst.
Competition Landscape in the Drinks Can Market
Key companies are introducing novel products with eco-friendly and sustainable features. Acquisitions, collaborations, and partnerships are other strategies employed by manufacturers.
Prominent players active in the United States drinks can market are Novelis Inc., Ball Corp., Crown Holdings Inc., and Silgan Holdings Inc.
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Recent Developments
- In January 2023, the RYL Company launched a ready-to-drink tea to promote ‘Lil Polyphenol Technology’. This is a unique formula and method that consistently delivers 200 mg of tea polyphenols in each can.
- In February 2023, FC Dallas announced a multi-year partnership. This makes Coca-Cola the Official Soda and Bottled Water Partner of FC Dallas, FC Dallas Academy, North Texas SC, and FC Dallas Youth.
Further, shifting consumer preference towards sustainable and eco-friendly packaging has led to a spike in demand for packaging solutions that can be recycled. One of the most recycled packaging format is drink cans. Recycling doesn’t degrade the quality of metal as drink cans made from aluminum/ steel are completely recyclable, which makes this process profitable to manufacturers.
Moreover, in comparison to other conventional packaging formats, drink cans do not pose threat to the environment, as most of it gets recycled. During the process of recycling drink cans produce negligent amount of carbon footprint, adhering to the environment policies.
Factors such as recyclability, client specific customization, and increasing demand for small quantity beverage containers is anticipated to continue fueling sales of drink cans through 2031.
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Growth Drivers:
- Beverage Industry Expansion: The continuous growth of the beverage industry, including soft drinks, energy drinks, and alcoholic beverages, is a major factor driving the demand for drink cans.
- Consumer Preference for Convenience: The convenience and portability offered by drink cans contribute to their popularity, aligning with the modern consumer’s on-the-go lifestyle.
- Sustainable Packaging Trends: The increasing focus on sustainability and eco-friendly packaging options has led to a surge in demand for aluminum drink cans, which are highly recyclable.
- Innovative Designs and Branding: Creative and eye-catching designs, coupled with effective branding strategies, play a pivotal role in attracting consumers and sustaining the growth of the drink cans market.
- Global Shift Towards Healthier Beverages: The rising global awareness of health and wellness has led to a shift in beverage preferences, with an increasing demand for canned alternatives in the healthier drink categories, such as sparkling water and functional beverages.
Drink Cans Market by Category
By Capacity:
- Up to 200 ml
- 201 to 450 ml
- 451 to 700 ml
- 701 to 1000 ml
- More than 1000 ml
By Product Type:
- 1–Piece Cans
- 2–Piece Cans
- 3–Piece Cans
By Content:
- Alcoholic Beverages
- Beer
- Wine
- Spirits
- Other Alcoholic Beverages (Cider, etc.)
- Non-Alcoholic Beverages
- Carbonated Drinks
- Tea & Coffee
- Juices
- Soft drinks
- Dairy Drinks
- Soda
- Other Beverages (Energy & Sports drinks, Electrolytes, etc.)
By Region:
- North America
- Latin America
- Europe
- MEA
- East Asia
- South Asia
- Oceania
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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